What are the Mass Transfer Equipment Market Key Insights and COVID-19 Business Impact?

The world is facing an unanticipated change and many of the industries are experiencing thought provoking situation due to the COVID-19 pandemic. The COVID-19 outbreak has negatively impacted the global mass transfer equipment market. Mass transfer equipments are widely used for mass transfer operations in various industries such as chemical, oil & gas, and others. Technological advancements to expand the utilization of mass transfer equipments are predicted to increase the demand of mass transfer equipment. In addition, these equipments are used in the water treatment plants. Rising prevalence for among people for consumption of safe and fresh water has positive impact on the mass transfer equipment market. During this coronavirus crisis situation, we are helping our clients in understanding the impact of COVID-19 on the global mass transfer equipment market.

According to a new report published by Research Dive, the global mass transfer equipment market is predicted to garner a revenue of $4,599.2 million by 2026, at a CAGR of 7.1% in the forecast time from 2019 to 2026. The global mass transfer equipment market is segmented on the basis of type, application, and region.

The report provides detailed information about drivers, opportunities, restraints, segmental analysis and competitive players of the market. As per our analysts, technological advancement of mass transfer equipment and mounting utilization of mass transfer equipment for treatment of waste water are predicted to fuel the demand of global mass transfer equipment market after the pandemic stress. However, several risks such as explosion, environmental pollution, and operational hazards associated with the utilization of equipment’s are expected to hamper the market growth in the forecast period.

Structured Packing Segment has Dominant Market Share

Based on type of mass transfer equipment, the global market is fragmented into column internals, trays, random packing, structured packing, and others. Among these, structured packing segment generated a revenue of $413.0 million in the year 2018 and is expected to grow at a CAGR of 8.2% contributing a revenue of $778.0 million. Structured packing equipment’s are made up of packed inert materials. These materials offer resistance to corrosion and prevent column flooding during the operation.

Chemical Application Segment Will Grow at a Significant Rate throughout the Forecast Years

On the basis of application, the global mass transfer equipment market is classified into food & beverages, pharmaceuticals, oil & gas, water & waste water treatment, chemical, pulp & paper, and others. The market for chemical application segment will witness rise at a faster rate of 8.0% CAGR and is predicted to register for $1,047.9 million till the end of 2026. Distillation columns, a type of mass transfer equipment is widely used in chemical plants due to decreased contact efficiencies and increased separation rate.

Regional Outlook and Major Market Players

Global mass transfer equipment market is analyzed across North America, Europe, Asia-Pacific, and LAMEA. Among these, Asia-Pacific region has dominated the global market share, and is estimated to reach up to $1,094.6 million till 2026 at CAGR of 7.6%. This dominance is attributed due to the recognized enterprises of mass transfer equipment are mostly focusing on fortify accessible portfolio and to impel productivity through equipped distinction, which will drive the growth of European market.

The most prominent players in the global mass transfer equipment market are –

1. Ulzer Ltd
2. Koch-Glitsch.
3. Beijing Zehua Chemical Engineering Co., Ltd.
4. Finepac Structures Pvt. Ltd.
5. MTE Group.
6. Munters Group
7. Baretti
8. Tianjin Univtech Co., Ltd.
9. HAT International Ltd.

Reference: https://www.researchdive.com/press-release/global-mass-transfer-equipment-market.html

Mr. Abhishek Paliwal
Research Dive
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